TORONTO, June 3, 2011 — RBC Global Asset Management Inc. (RBC GAM) announced May net sales of $484 million. Long-term funds had net sales of $754 million and money market funds had net redemptions of $270 million. Assets under management increased by $600 million or 0.5 per cent.
“May proved to be a tremendous month for RBC Global Asset Management, as we exceeded all other previous May sales results. With strong inflows across our diverse line-up of funds, we maintained our position as an industry leader in long-term mutual fund net sales,” said Doug Coulter, president of RBC Global Asset Management Inc. “As a result of the investor focus on yield, the PH&N Monthly Income Fund remained one of our top-selling funds.”
In addition to the PH&N Monthly income fund, other top selling RBC Funds and PH&N Funds for May included: RBC Select Portfolios, RBC Managed Payout Solutions, RBC Monthly Income Fund, and RBC Canadian Dividend Fund.
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RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes institutional money managers Phillips, Hager & North Investment Management (PH&N), RBC Global Asset Management (U.S.) and BlueBay Asset Management. RBC GAM is a provider of global investment management services and solutions to individual, high net worth and institutional investors through mutual funds, pooled funds, hedge funds, segregated accounts and specialty investment strategies. RBC GAM group of companies manage approximately $250 billion in assets and have almost 1,000 employees located across Canada, the United States, Europe and Asia.
RBC Global Asset Management is part of RBC Wealth Management which directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth individuals and to corporate and institutional clients. Services provided by RBC Wealth Management consultants, advisors, private bankers and trust officers include trust and estate planning, tax advice, discretionary investment management and investment advisory services, structured solutions, banking, lending and global custody. RBC Wealth Management has over $535 billion of assets under administration, over $300 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers.